HMRC’s decision to commence business record checks has not been greeted with complete enthusiasm. According to the Chartered Institute of Taxation, there will be many problems of interpretation. It also makes the serious point that HMRC still intend to charge penalties in year, where their power to do this is at least doubtful.

The recent parliamentary committee debate on proposed changes to a local audit draft bill had been hostile. According to reports the debate had been dominated by the potential pitfalls within the bill. Marcine Waterman, controller of audit at the Audit Commission, argued there were three main risks: the absence of NHS representation, a lack of […]

There’s a lot to consider if you are planning to sell your company. A successful sale doesn’t go through immediately. When selling your business, tax is an important element to consider. At the time of sale, you will be burdened with many issues to deal with out of which tax is an extremely important.

Once it was reported of an argument between HMRC and a business for not declaring an item of equipment the company has given for private use. This is a company which involves its employees with expensive photographic gear as part of their job. At one point this company has offered some old equipment to the […]

There had been many changes to the HMRC’s guidance for those with fixed income protection. According to the rules that were in existence before, individuals with a protected lifetime allowance of £1.8m who were enrolled into a scheme a gainst their wishes, when commencing work with a new employer, faced losing their increased allowance under HMRC’s […]

Financial forecasting is extremely important for any business. But the funny thing is sometimes your forecast may go wrong because the forecast will be based on the current information available. You draw a conclusion based on your financial forecast. But if the situations change, then the forecast would be wrong which proves that your decisions […]

If you made a loss personally in an effort to make more cash and if you find it impossible to even file a claim for a tax deduction, what are the alternatives that are left for you? There’s a chance that your company claim the tax relief instead? If a business makes a loss, HMRC will […]

When you take the South West London region, it is well popular for being a vibrant business hub. There are many commercially active town centres in the South West London area with many small businesses. Some of them have been active town centres for numerous years namely Hammersmith, Wimbledon, Ealing and Richmond. But, over the […]